BitCoin and Cryptocurrencies - Will they fail? My 3 Predictions!

[h=1]Bitcoin Value Loses Its Mind As Trading Lags On The Mt.Gox Exchange[/h]
Bitcoin is acting up at the moment. Following a steep decline that saw the currency trade at prices not seen since late November, trading of Bitcoin on the Mt.Gox exchange has gone crackerdog.
It has fallen into a pattern of very rapid rises and falls that end and begin in a very tight, specific trading range. The following is a chart using one-minute ticks to track the price of Bitcoin on the Mt.Gox exchange for today:

Trading on Mt.Gox is also seeing massive delays, with the current lag listed as almost 40 minutes. So, I doubt that anyone has an idea about what is going on.
Other Bitcoin exchanges, such as Btc-e are displaying similar prices for the currency, so the trading price on Mt.Gox isn't itself too batty. Instead, current trading patterns themselves are inscrutable, unless we presume some sort of algorithmic allergic reaction to current trading lag. In the meantime, if you can get your trades through, there is likely a decent arbitrage possibility at play, though trading lag times could make any such activity incredibly risky.
Coinbase has Bitcoin at $848, and Btc-e at $865. The currency was over the $1,000 mark yesterday. Bitcoin: Still not that mature.
[h=2]China[/h] While Bitcoin works through whatever bug or issue is causing its current trading pattern, we need to keep in mind the broader context of the current market position of the currency. A recent decision by the Chinese government to ban financial institutions from trading in the currency cut at its potential to become a global repository for value outside of the control of nation states.
Today, news that Baidu has ceased to accept Bitcoin is pushing the currency's value down. To lose a company like Baidu at once lowers the inherent utility of Bitcoin, and also directly contravenes the narrative that Bitcoin was starting to find wide integration into the world of e-commerce, thus granting it legitimacy, and perhaps improved stability.
Chinese demand has been a key supplier of recently robust demand for Bitcoin, comprising an increasing percentage of Bitcoin's trading volume. If that driver slips, so too could the value, and market interest in Bitcoin.
Bitcoin has fallen from over $1,200 since the Chinese news cycle broke. That's a steep decline — about 30 percent — in a few days. The question now becomes what will bring upside back to Bitcoin?

Source:http://techcrunch.com/2013/12/06/bi...-mind-as-trading-lags-on-the-mt-gox-exchange/

BTC Down to 750 a few moments ago.

http://bitcointicker.co/

that was an exciting crash today! I saw it go as low as $600 on btc-e, and I watched several bull traps form, absolutely beautiful! A decent investor could have made 30% at least 6 times today.

I love this ride

[h=1]Bitcoin Crashed Today[/h]

Bitcoin's value plummeted today, by 25% from a high of over 1100 US dollars per BTC to a low value of under 830. The virtual currency, whose value has increased five-fold in just over one month, has been at risk of such a spectacular crash due to speculative investment in the now multibillion dollar market.

While the bitcoin market has historically been volatile, recent events have increased confidence in the currency. Prior to October, many investors avoided bitcoin due to the reputation of Silk Road - the largest bitcoin-only marketplace - as a trading post of illegal goods. Investors had long feared that a shutdown of Silk Road would result in a catastrophic crash of Bitcoin's exchange rate. However, following the October 1st arrest of Silk Road mastermind Ross Ulbricht and the site's shutdown, bitcoin's value dropped from 150 to 110 USD and within a week, recovered to 140 and continued to climb slowly.
At least two major events in November led to even more dramatic increases in Bitcoin investment, that ultimately brought about the current bubble. Increasing investment in China caused the BTC to USD exchange rate on the popular Mt. Gox exchange to reach 395 by mid-November. During the week of November 18th, US Senate hearings on virtual currencies revealed favorable opinions from lawmakers regarding the legitimate potential for cryptocurrencies in the US economy.
Mining pools have sprung up around the internet to support the currency's virtual mining efforts, and major commercial ASIC providers like Butterfly Labs have gone live, further increasing the miner volume.
Bitcoin continued to climb to this morning's value of over 1100, but confidence in Bitcoin was jarred by a change in its legal status in China, where yesterday it was announced that Chinese banks (but not citizens or exchanges) would be prohibited from all bitcoin transactions. Additionally, comments this week from Former Federal Reserve Chairman Alan Greenspan claiming that Bitcoin's value was in a "bubble," together with this morning's report from Merrill Lynch regarding overvaluation of BTC may have contributed to today's dramatic selling spree.

Source:http://www.huffingtonpost.com/2013/12/06/bitcoin-crash_n_4400623.html



[h=1]So, Bitcoin Is Crashing[/h]


Well, it had to happen some time: Bitcoin is crashing.
The price of the crypto-currency tumbled nearly 21 percent on Friday to $877.46 on trading site Mt. Gox and has fallen more than 29 percent since closing at a record high of $1,237.96 on Wednesday, according to Bitcoin data tracker BitcoinCharts.com. (Story continues after chart, courtesy of bitcoin.clarkmoody.com.)

Much of Bitcoin's meteoric rise in the past few months has been due to speculative trading in China, the Wall Street Journal pointed out earlier this week (subscription only).
China's central bank shot a gigantic hole in that trade on Thursday by telling Chinese banks they couldn't use the untraceable digital currency, calling it "not a currency in the real meaning of the word."
That doesn't mean Chinese investors can't keep speculating in Bitcoin, but it is a blow to the credibility of the four-year-old currency. Created by an unknown hacker or hackers known as Satoshi Nakamoto, Bitcoin has the potential to be a long-lasting digital alternative to national currencies like the U.S. dollar and the Chinese yuan. But it has also become favored for illicit uses such as money laundering and drug-dealing, raising concerns about whether policy makers will ever embrace it fully.
Regardless of Bitcoin's long-term potential, there is little doubt its price has jumped too far too quickly: It traded for less than $100 just six months ago.
An official for Bitcoin exchange BTC China, where a growing percentage of Bitcoin trading takes place these days, told the WSJ that most Chinese investors are just hoping prices will keep rising long enough for them to sell and turn a profit. The People's Bank of China, in its statement on Thursday, reminded traders that might not be the soundest approach to investment, according to the New York Times:
"The price can be easily controlled by speculators, creating severe turbulence and huge risks," the PBOC reportedly said. "Ordinary investors who blindly follow the crowd can easily suffer major losses."

Source:http://www.huffingtonpost.com/2013/12/06/bitcoin-crashes_n_4400392.html

I warned people when chinese government released new policy. But many people don;t trust, they just believe what they want to.

They do have no idea why bitcoin price increased very slowly but burst in just half year. It is just another HYIP game although it is not designed for this, people made it.

condadon said:

i did make a post before the sell off warning them. But this time i hate to be right, because many here might have lost a good much of money...

Click to expand...

I missed buying last night by $1. My buy order was $550, and it hit $551. Damn!

It may drop some more this weekend, but there is a lot of new money coming into this thing, so I think we'll see it settle around $600-700 for a while, and then start slowly growing again, until the next bubble (possibly India).

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[TD="colspan: 2"]Bitcoin Meets Tesla in Lamborghini Dealership's Model S Sale Bloomberg Bitcoin, the virtual money former Federal Reserve Chairman Alan Greenspan called ?a bubble,? was accepted as payment in the purchase of a Tesla Motors Inc.
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[TD="colspan: 2"]Bitcoin Prices Slide on China's Concerns Wall Street Journal Bitcoin prices tumbled almost 13% Friday after an affiliate of China's biggest Internet search company stopped accepting payment in the virtual currency ...
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[TD="colspan: 2"]Bitcoin's Wild Ride Continues; Plunges on Baidu Payments Ban Wall Street Journal The price of bitcoin plunged on Friday, dropping more than 20%, after word that Chinese website Baidu suspended payments in bitcoin. (Here's the notice in the ...
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[TD]Fraud in Bitcoin, Unchecked New York Times IN BITCOIN, FRAUD IS QUICKER THAN THE LAW | Pump-and-dump schemes are shut down in the financial markets all the time. But such frauds involving ...
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[TD="colspan: 2"]Bitcoin Prices Tumble on China Fears Wall Street Journal Bitcoin prices tumbled almost 13% Friday on reports that Chinese Internet company Baidu Inc. stopped accepting payment in the virtual currency following a ...
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[TD="colspan: 2"]The bitcoin crash of 2013: Don't you feel silly now? Los Angeles Times People who thought that bitcoins could serve as either an investment vehicle or an alternative world currency got their heads handed to them on Thursday and ...
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[TD]Pesek on Asia: Greenspan Bitcoin Rally? Bloomberg Good morning. Here's my take on some of the stories driving the debate in politics, finance and social issues across Asia today: Greenspan may drive Bitcoin ...
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[TD="colspan: 2"]Bitcoin Prices Fall Nearly 13% NASDAQ Bitcoin prices Friday tumbled almost 13% on reports that Chinese Internet company Baidu Inc. (BIDU, K3SD.SG) stopped accepting payment in the virtual ...
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[TD="colspan: 2"]Bitcoin Cryptocurrency Mania! Institute for Ethics and Emerging Technologies With bitcoin nearly doubling in value in the last few weeks (surpassing USD $400 on November 9, 2013 and reaching USD $937 on November 29, 2013) (see ...
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[TD="colspan: 2"]BITCOIN CRASHES TO $576 - Business Insider Sam Ro Bitcoin fell from a high of $1,085 to a low of $576 today. This is according to data from Mt. Gox. Also, this represents a breathtaking 46% crash. Currently, Bitcoin ...
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[TD="colspan: 2"]Bitcoin Value Loses Its Mind As Trading Lags On The Mt.Gox ... Alex Wilhelm Bitcoin is acting up at the moment. Following a steep decline that saw the currency trade at prices not seen since late November, trading of Bitcoin on the..
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[TD="colspan: 2"]China bans Bitcoin, lowering the ceiling of the currency's potential ... Ryan Whitwam China is taking the first step in regulating the use of Bitcoin in its monetary system. By blocking banks from ...
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[TD="colspan: 2"]The World's Most Powerful Bitcoin Miner Is ... - Business Insider Rob Wile Just another paradox in this strange, fascinating world.
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[TD="colspan: 2"]How the Bitcoin protocol actually works | DDI - Michael Nielsen Michael Nielsen Many thousands of articles have been written purporting to explain Bitcoin, the online, peer-to-peer currency. Most of those articles give a hand-wavy account of ...
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[TD="colspan: 2"]Bitcoin Crashes, Loses Half Of Its Value In Two Days | Zero Hedge Tyler Durden It was inevitable that a few short days after Wall Street lovingly embraced Bitcoin as their own, with analysts from Bank of America, Citigroup and others, not to ...
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[TD="colspan: 2"]Yanis Varoufakis Discuses Bitcoin and Litecoin on RT naked ... Yves Smith Yanis Varoufakis Discuses Bitcoin and Litecoin on RT. Yves here. Yanis makes a couple of observations which won't sit well with digital currency enthusiasts.
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[TD="colspan: 2"]Tesla Model S purchased with Bitcoin from Lamborghini dealer ... Damon Lowney A California Lamborghini dealership sold a Tesla Model S Performance to a customer who paid using Bitcoin as currency.
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[TD="colspan: 2"]Bitcoin: Regrets, Triumphs, Going for the Gold, and Bank of America ... Brian Doherty Bitcoin: hasn't crashed yet (though below 1000 as I write)! A roundup of some interesting recent tidbits from that world. ?One of the big undertold,
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[TD="colspan: 2"]Bitcoin's roller-coaster ride gets wilder as Wall Street, China climb ...Digital currency gets investment bank coverage, and the assessment is largely bullish.
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[TD="colspan: 2"]Bitcoin has clear 'potential for growth,' currency analyst says ...Bank of America Merrill Lynch's head of currencies research said bitcoin could emerge as a major player in online commerce.
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[TD="colspan: 2"]Bitcoin Slammed As Baidu Suspends Payments Due To ...Bitcoin is being sold aggressively on heavy volume as this headline hits: *BAIDU SUSPENDS BITCOIN PAYMENT ACCEPTANCE ON VALUE FLUCTUATION ...
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[TD="colspan: 2"]VAT on Bitcoin - UK tax authorities change their mind (good news ...BitPrice just had a very positive meeting with HMRC regarding VAT and Bitcoin. We attended with Marc Warne of Bittylicious, Eitan Jankelewitz of Sheri...
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[TD="colspan: 2"]Meanwhile, Bitcoin Is Sliding... | Zero HedgeAlong with the USD and JPY, Bitcoin is having a bad day. For the second time, following a 'touch' of the Gold, Bitcoin has fallen dramatically in the day after.
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[TD="colspan: 2"]Bitcoin: A viable currency? | UTSanDiego.comBitcoin, an Internet currency, has generated a lot of buzz. EconoMeter takes a look. Page 1 of 4.
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[TD="colspan: 2"]Bitcoin - RedditSo, I found my way here googling "donate Bitcoin to Wikipedia". I've been in the Bitcoin scene for a while, and I also use Wikepedia extensively. I was the activist ...
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The bitcoin crash of 2013: Don't you feel silly now?





By Michael Hiltzik December 7, 2013, 7:28 a.m.

People who thought that bitcoins could serve as either an investment vehicle or an alternative world currency got their heads handed to them on Thursday and Friday. That's when the price of the attention-grabbing crypto-currency got crushed, falling from a quoted $1,200 per "coin" to less than $600. At this writing, it's quoted on the Mt. Gox exchange at about $830.
The whipsaw validates what we wrote about bitcoins just two weeks ago: they're useful as a medium of transfer, but even then you have to be nimble. If you were a Greek or a Spaniard using bitcoins to move money out of your home country without having to worry too much about your local foreign exchange or banking rules, and you figured on Thursday that you could get around to transferring your asset back out of bitcoins and into dollars or sterling--whoops! You lost half your stake in a matter of hours. The minimum time required to complete a trade in bitcoins is ten minutes; that's about how long you should hold them to keep exchange rate risk low.
And if you were taken in by all the talk about bitcoins replacing gold as a storehouse of value, well, now you've been taken down. Much of that talk was generated by the peak quote of bitcoins last week at $1,200, which was sometimes described as equivalent to or even higher than the price of gold. That's an absurd statement, of course: $1,200 bought you an ounce of gold bullion, but on the bitcoin market it only bought you a putative claim on the outcome of a mathematical algorithm.
The proximate cause of the bitcoin crash was a warning by China's central bank against treating bitcoins as legal tender. The Beijing government didn't ban bitcoins, however, stating that Chinese citizens are still free to engage in bitcoin transactions at their own risk.
The bitcoin market's reaction underscores what Stanford economist Susan Athey has said--that the value of bitcoins lies in their potential to facilitate transactions. The more transactions you think can be done in bitcoins, the higher their price. Because the Chinese government's statement may reduce confidence in bitcoin trades there, the market plunged.
Bitcoins will undoubtedly rise in quoted value again, and also fall again. The one inevitability about them is their volatility, to which there's no end in sight. What does this tell us about bitcoins' future as an alternative currency? This is the hope of gold bugs and other critics of central banks and their fiat currencies, but plainly bitcoins aren't anywhere near that stage yet, and probably never will be.
Bitcoin advocates love to talk as though their new medium will be a counterforce to governments' tendencies to devalue their own currencies for economic gain. As Boston University economist Laurence Kotlikoff recently wrote: "Anyone familiar with current U.S. monetary policy might well wonder whether our country wouldn't be better served with bitcoins replacing the dollar."
You can stop wondering. The answer is no.



http://www.latimes.com/business/hiltzik/la-fi-mh-the-bitcoin-crash-20131207,0,7011276.story#ixzz2moVcQ9mk

Source:http://www.latimes.com/business/hil...-crash-20131207,0,7011276.story#axzz2moVFOFVb

Bitcoin's up 6000% for the year, and we're the silly ones?

I love their logic, though. "Because a new currency is volatile during it's 3rd year of existence, it always will be."

Lol when reading /r/bitcoin or on the speculation forum of Bitcointalk, both of the crash from april and this crash have been dramatic like the sky is falling. this is the end.. lol (not really)

Its like a skyfall - adele

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[TD] Bitcoin puzzles regulators; advisory likely to warn of risks Business Standard As regulatory glare increases on Bitcoin globally and its exchange rates become extremely volatile, Indian authorities may soon issue a public advisory to warn ...
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[TD="colspan: 2"] MELTDOWN: BITCOIN CRASHES TO $576 Seattle Post Intelligencer Bitcoin fell from a high of $1,079 to a low of $576 today. This is according to data from Mt. Gox. Also, this represents a breathtaking 46% crash. Currently, Bitcoin ...
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[TD="colspan: 2"] MELTDOWN: BITCOIN CRASHES TO $576 San Francisco Chronicle Earlier this week, the People's Bank of China announced it was barring the country's banks from handling the Bitcoin. (That Thursday announcement was ...
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[TD] Bitcoin falls $300 after Chinese crackdown RT The value of bitcoin has dropped by $300 and continues to fall following a clampdown on the controversial crypto-currency by the Chinese government.
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[TD] Bitcoin Whipsaws in Volatile Week NASDAQ 12/07/13 The bitcoin posted a double digit percentage drop this week. The Chinese government cracked down on the crypto-currency and Baidu stopped ...
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[TD="colspan: 2"] Bitcoin hangout with Max Keiser: The Napster of currency RT Like the internet, bitcoin is a force of nature which governments control at their own peril. This time around on the Keiser Hangout, our panel answers your ...
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[TD="colspan: 2"] Bitcoin Crashes, Loses Half Of Its Value In Two Days Forex Factory It was inevitable that a few short days after Wall Street lovingly embraced Bitcoin as their own, with analysts from Bank of America, Citigroup and others, not to ...
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[TD="colspan: 2"] Bitcoins Now Can Buy You A Tesla Model S EV World Lamborghini Newport Beach reportedly sold a Tesla Model S to a buyer who purchased the luxury electric car with Bitcoin. At current exchange rates, it likely ...
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[TD="colspan: 2"] Bitcoins Used To Purchase $100000 Tesla At California Dealership International Business Times The sale, which occurred on Tuesday at a Lamborghini dealership, is the equivalent to 91.4 Bitcoins. Lamborghini Newport Beach's marketing director Cedric ...
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[TD="colspan: 2"] Fleckenstein On Bitcoin - Business Insider Sam Ro Bitcoin is nothing. It's dot-com mania 3.0 just moved one step over, right? People are so enamored with communication with their phones and online commerce ...
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[TD="colspan: 2"] Did The Chinese Government Just Admit Bitcoin Poses A Risk For ... Jeff Berwick Overnight Wednesday-Thursday in North America the bitcoin price dropped as the People's Bank of China announced banks cannot offer bitcoin services and ...
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[TD="colspan: 2"] Why nobody in their right mind should get into Bitcoin right now Andrew Couts Bitcoin is all the rage - but for regular people, it would be crazy to start pouring money into the digital currency anytime soon, if ever.
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[TD="colspan: 2"] The Bitcoin Revolution in Full Force | Peace . Gold . LOVE - Daily Paul SuccessCouncil ... SuccessCouncil on Fri, 12/06/2013 - 19:16. in. Politics, General + Law(s) DP Original. Nice Work DP. 33% of conversation among libertarians involves Bitcoin ...
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[TD="colspan: 2"] Center for a Stateless Society Why They Really Fear Bitcoin Thomas L. Knapp [Bitcoin]'s a bubble," asserts Alan Greenspan — who, as chair of the US Federal Reserve, oversaw a 77.5% inflation of the US dollar. Greenspan asserts that ...
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[TD="colspan: 2"] Exante's Bitcoin Fund Reports YTD Performance of 4847% [email protected] (Jon Matonis) Although technically launched in late 2012, Malta-based brokerage Exante released their 2013 year-to-date (YTD) performance statistics for The Bitcoin Fund ...
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[TD="colspan: 2"] Keiser Hangout: Max, Stacy & their guests talk Bitcoin, gold & much ... InvestmentWatch Max Keiser, Stacy Herbert with Jan Skoyles and Simon Rose answer on the most acute questions, namely Bitcoin, China's gold market and US fiscal policy and ...
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[TD="colspan: 2"] Is Bitcoin Good As Gold Or A Volitile Bubble Ready To Pop? Jaye, Brad & Paul I've been following the stock market for over 30 years and when this Bitcoin concept came out, I couldn't help but track where this thing was going. Up until this ...
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[TD="colspan: 2"] Baidu Stops Accepting Bitcoins After China Ban - Bloomberg | Top ... admin Baidu Inc., China's biggest search engine, stopped accepting Bitcoins after the nation's central bank barred financial.
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[TD="colspan: 2"] Bitcoin - Reddit Despite the current volatility in the Bitcoin/Fiat markets, I am happy to announce that we are now accepting payments in bitcoin for our shared and re...
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[TD="colspan: 2"] The World's Largest Bitcoin Exchange Looks Like ... - Business Insider Bitcoin is down big, approximately 25% from today's highs. That's causing major problems on Mt.Gox, the world's largest Bitcoin exchange according to The ...
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Bitcoin referenced in The Simpsons cartoon show

Patel said:

Bitcoin referenced in The Simpsons cartoon show

Click to expand...

I'm not buying until it's on Family Guy.

[h=1]Facebook Could Launch the Anti-Bitcoin[/h]

Money. I've been obsessed with it for years. Not accumulation but the construct. Any currency is a mass hallucination. A store of value which holds its place only so long as there's collective belief in it. Studying the history of American dollar bills during my study at Vassar. Diving into the "is it art or counterfeit" debate around JSG Boggs. My early years at virtual world Second Life helping to create a virtual currency called Linden Dollars with a floating point exchange rate. Accordingly it shouldn't come as a surprise that I've followed bitcoin for a few years now. The notion of a universal monetary unit tied to something other than a nation state? OMG YES. But I'll admit that my original beliefs were completely the opposite of how bitcoin has emerged. I expected we'd see something corporate-backed and tied to identity, not distributed and anonymous. And I thought it would come from Google or Facebook.
Jessica Lessin's The Information had a great article today about Facebook Payments(behind paywall). Reporter Katie Benner notes that unlike earlier grander ideas, Facebook's strategy now seems to be more about just one-click ordering using an on-file payment method. Big difference from the days of Facebook Credits, a Facebook Platform initiative to allow in-game items, movie rentals and other purchases. When Credits first launched I thought "holy shit, they're going to do it" with both surprise and admiration, where "it" was the first global shadow currency. That Facebook Credits would be a way to pass value between consumers and businesses -and- person to person. Why?
1. Immediate Utility Different Than The Dollar (First Party Utility)
An alternate currency needs to have bootstrapped/kickstarted market liquidity and validation. Facebook, at the time, had the power to tell all Facebook Platform app developers that they needed to use Credits as their virtual currency. Immediately there was a widespread use case and reason for consumers to hold Credits instead of Dollars. The issuer of the currency was also able to create a market.
2. Broader Third Party Recognition
Once the Games market was set, other on-platform businesses started to experiment with Credits. For example, you could rent movies from Warner Brothers. At the time "F-Commerce" (omg what a horrible name) was trendy and all different types of apps were being used to help merchants set up storefronts within Facebook and on their Facebook Pages.
3. Tied to Identity & Reputation
Because Facebook is a real name space, it was exciting to imagine that Facebook Credits could come with a reputation system. There hasn't been an interesting transaction-oriented reputation system on the web since eBay built their user ratings, and that never broadened despite fact that eBay User Ratings + Paypal COULD HAVE BEEN HUGE AS A PLATFORM. Within Facebook, or anywhere that you could sign in using Facebook ID (which is still the most robust part of their platform play), you would have a one-click payment system tied to a user history. Huge.
4. Inherently Global
Facebook was also the first global social network at scale. That meant you were going to run into inter-country transactions and a frictionless proxy currency would have had use. Within a single country it would be very hard to replace the local unit of exchange, but across borders, less so.
Why didn't the Hacker Way push Facebook to be aggressive here. Hacking money? That's so cool. Unfortunately they turned in another direction. Admittedly they had much on their plate and needed to focus, but I wonder why they don't take on a few of these 100 Year Hacks...





Source:http://www.linkedin.com/today/post/...tcoin?trk=eml-ced-b-art-M-0&ut=0Ky-3EPNqgE601


[h=1]Bitcoin: When Money is Not an Investment[/h]By now you're probably among the millions of people who have heard of the experimental digital "crypto" currency, and are wondering if it might be time for you to get involved. But then the inevitable question comes up: just how does one get involved in Bitcoin, and - more important - why?It's tricky, but not nearly as complicated as the numerous Wikipedia entries on the subject make it sound. In fact, while you might be reading this column to get a sense of whether you should take a gamble and invest in Bitcoin, the whole point of Bitcoin was to serve as something other than a speculative investment.
Bitcoin is intended as an alternative currency. Traditional currencies, like the dollar and euro, are issued by a central bank. They are essentially loaned into existence, at interest. This means that for every dollar issued, more than a dollar has to be paid back. Where does the additional money come from? Good question. For the system to keep working, the economy has to grow.
This made central currency great for the era in which it was invented: the 13 Century, when European nations were expanding all around the globe. And it served as a terrific fuel for the engines of capitalism ever since. Central currency allows people and institutions that already have money to make more money simply by lending it out. It's bankers' money.
Well, now that we live in a digital economy, bankers' money may not be the best tool for every job. Two kids with a laptop can launch an app that sells millions on iTunes without ever accepting a bank loan. Women making crafts at home can trade or sell them directly, without ever reaching the shelves of Wal-Mart.
Bitcoin was invented to foster this new, digital style of commerce. There is no central bank or authority. Instead, Bitcoin is a self-monitoring network, spread out between the computers of everyone who uses it. All transactions are encrypted, verified and logged by other members in an intensive process called mining. For now, miners are rewarded for their work with new bitcoins. This is how the currency is being issued into existence.
The process will continue until 21 million bitcoins have been mined, after which no new bitcoins will be created. Like the fixed quantity of matchsticks soldiers used as money in the prison camps, the fixed supply of Bitcoin will guarantee its scarcity and, presumably, its value.
So far, there are painfully few merchants willing to accept bitcoin instead of, well, real money. The few regular companies who do accept it are in it more for the gimmick and publicity than genuine utility. In fact, the only people strongly motivated to use Bitcoin have been those trading illegal goods online (who want to maintain anonymity) and, increasingly, investors. Using web-based exchanges, speculators trade dollars for bitcoins at one rate, and hope that the value of bitcoins goes up. Sometimes it does - wildly so. The Bitcoin economy is still quite volatile, and the online exchanges are still small and vulnerable to hacking and manipulation.
The Winklevoss brothers claim they already own over $10 million in Bitcoin, and want to make the currency more available to the world (thus increasing the value of their own investment, but let's not go there). Their idea is to launch a publicly traded Bitcoin ETF which, like the exchange traded funds available for gold and silver, will offer retail investors exposure to this exotic new currency without the complexity or volatility of today's Bitcoin marketplace. And they're leading just one of many outfits offering investors exposure to Bitcoin, for a fee.
The irony here, however, is that if Bitcoin succeeds as an investment vehicle it will have failed in its original role as a currency biased toward transaction instead of speculation (velocity over growth). Because if the currency is hoarded by investors instead of traded between people, it won't have lived up to the dream of offering an alternative to expensive bankers' money. And if no one is using it for anything real, its value will go down, taking the portfolios of its investors down along with it.
Meanwhile, if Bitcoin actually succeeds as a transactional alternative to bank issued cash, it will be because it avoided the growth trap and pooling at the top that afflicts regular, debt-based money. That also means it would be better spent than saved.
Either way, in the long run, the speculators lose.






Source:http://www.linkedin.com/today/post/...-money-is-not-an-investment?trk=mp-details-rc

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[TD="colspan: 2"] Bitcoin politician wants to upgrade democracy in Vermont Watchdog.org As one of the first political candidates in the country to accept Bitcoin, a highly limited cryptographic currency created by virtue of computing power and traded via ...
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[TD="colspan: 2"] Bitcoin Prices Plunge After China Cracks Down on Currency Mashable "Baidu's website-acceleration platform decided to suspend Bitcoin payment acceptance from Friday, as recent large fluctuations in Bitcoin's value makes it ...
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[TD] Bitcoin puzzle might prompt advisory from Indian regulators Firstpost New Delhi: As regulatory glare increases on Bitcoin globally and its exchange rates become extremely volatile, Indian authorities may soon issue a public ...
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[TD="colspan: 2"] Bitcoin fuelling rise in cyberattack ransom demands Financial Times Bitcoin has fuelled a surge in the number of cyberattacks where computers and personal data are held hostage in return for ransoms paid in the ...
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[TD="colspan: 2"] Cashing in on the bitcoin boom Los Angeles Times NEW YORK — Donald Duhaney brought a wallet full of cash to a Whole Foods in Manhattan's trendy Lower East Side one recent evening. But he wasn't in ...
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[TD] Bitcoin Boom Spreading to Phones The Horn Bitcoin has gained a whirlwind of attention in recent months. Although it has been around for a few years already, this unregulated virtual currency is starting to ...
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[TD] Chinese Bitcoin ban sends virtual currency values plummeting natmonitor.com Baidu Inc., China's biggest internet search engine company, changed the game for the cyber currency known as Bitcoin on Friday, after a mandate from the ...
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[TD] Bidding Up Bitcoins -- Al's Emporium Wall Street Journal Now he spots a bitcoin bubble? The Maestro and his replacement, Ben Bernanke, may be part of the reason why bitcoin and other alternative currencies are ...
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[TD] First Tesla bought with Bitcoin. The future is here. Christian Science Monitor If you're not familiar with Bitcoin, you might want to change that. The electronic cryptocurrency is rapidly gaining acceptance around the globe, with many ...
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[TD="colspan: 2"] Mt. Gox Makes Bitcoin More Accessible in LATAM - The Next Web Jon Russell Bitcoin exchange service Mt. Gox has landed a local partner in Latin America.
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[TD="colspan: 2"] Breaking Down Bitcoin's Price - Seeking Alpha Ryan Matzen Winklevoss Bitcoin Trust ETF (): Breaking Down Bitcoin's Price.
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[TD="colspan: 2"] Should Your Non-Profit Accept Bitcoin for Donations? Joe Garecht What is Bitcoin, and should you accept Bitcoin donations to your non-profit?
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[TD="colspan: 2"] Bitcoin and Quantitative Easing :: The Market Oracle :: Financial ... Bitcoin and Quantitative Easing :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website.
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[TD="colspan: 2"] The Bitcoin Derivatives Market Has Arrived - Blacklisted News Predictious, the Dublin-based prediction market, this week unveiled Bitcoin Option Spreads enabling both long- and short-positions to be constructed on the ...
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[TD="colspan: 2"] Bitcoin System: Some Additional Problems | New Economic ... Devin Smith In my last post, I argued that the fair price of a bitcoin as a monetary instrument is zero BTC; a bitcoin contains no promise in terms of income, in terms of ...
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[TD="colspan: 2"] How Do You Explain Bitcoin To People? | Peace . Gold . LOVE Smaulgld.com At this time, most of the "momentum" is in bitcoin as an INVESTMENT VEHICLE. In other words, most people want to buy them and hoard them and not spend ...
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[TD="colspan: 2"] Bitcoin Bubbles are normal and Predicted | Peace . Gold . LOVE PeacefulAnarchism Bitcoin is an entirely new and paradigm shifting Technology. It will have it's ups and downs as it battles to become fully adopted. This Technology is disruptive in ...
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[TD="colspan: 2"] Bitcoin-Qt fix for Mac OS 10 Mavericks | RuddWire Colin If your Bitcoin-Qt app on Mac OS 10.9 Mavericks is taking for ever to download blocks of transaction history and synchronize with the network (if your st...
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[TD="colspan: 2"] The Bitcoin Derivatives Market Has Arrived | Zero Hedge Having discussed the advantages and disadvantages of the crypto-currency and noted the extreme volatility of the last few weeks, it seemed only a matter of ...
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[TD="colspan: 2"] Simpsons mention bitcoin : Bitcoin - Reddit I just heard Krusty mention he lost money in the bitcoin markets on tonight's episode Edit: http://www.youtube.com/watch?v=NIs-K3kUUZg - thanks secre...
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[TD="colspan: 2"] Bitcoin crash of 2013: Don't you feel silly now? (Los Angeles Times) People who thought that bitcoins could serve as either an investment vehicle or an alternative world currency got their heads handed to ...
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[h=1]Are Bitcoin believers the new Apple fanboys?[/h] By Michael Hiltzik December 9, 2013, 2:48 p.m.

Watching true believers in action is always fascinating and often terrifying. Consider the mobilization of the bitcoin faithful every time someone writes an article questioning whether bitcoins really are the greatest advance in currency since Yap islanders invented the stone coin.
Like me, for example, and my recent post reporting that the value of bitcoins had plunged by half in a matter of hours after Chinese authorities cast their disapproving eyes on the bitcoin trade. The post attracted a cascade of negative commentary from bitcoin fans on Twitter and other online forums.
They generally seemed to think I was casting doubt on bitcoins' suitability as investment vehicles. (they were right.) Among the counterarguments, many claimed to have bought into bitcoins when they traded at a couple of bucks, and therefore were sitting on more than $800 profit per coin even after last week's crash. Several noted that last week's plummet wasn't the first bitcoin "crash," not even the first this year--as if that's an argument in bitcoin's favor.
Several also pointed out that other investment markets have also experienced big crashes. The housing market, for instance. The stock market, for another instance.
Well, yes. But investment experts don't normally point to the housing crash of 2008, or the stock market crashes of 1929, 1987, 2000, and 2008 as proof that these markets are safe or profitable. They're arguments for caution, and that's how last week's bitcoin crash should be taken too.
Journalists and other commentators aren't surprised when their challenge to conventional wisdom elicits a strong pushback from fanatics. For years, anyone writing anything negative about Apple Inc. or its signature products could expect to be inundated with responses questioning their intelligence, foresight, character, parentage or worse. That phenomenon seems to have ebbed; even Apple's one-time fanatics are feeling the shock of disappointment. Many of those who once spend their free hours writing, "Sir, you must be an idiot" to the company's critics now spend their days wondering when Steve Jobs will come back from the dead.
Bitcoin fanatics show some of the same pathologies as they did. They're utterly convinced that all doubters are stupid, blind or in the pay of (a) the banks or (b) the cabal of central governments. They tend not to read an entire article before hitting their own "send" buttons, and they promise, with some glee, that the critics will learn the truth, to their own disadvantage, soon enough.
It's proper to remind people what I've written about the advantages and drawbacks of bitcoins here and here.
First, they're not going to replace traditional, government-issued currencies. To quote (again) Francois Velde of the Federal Reserve Bank of Chicago, "It is hard to imagine a world where the main currency is based on an extremely complex code understood by only a few ... without accountability, arbitration or recourse."
If you really think bitcoins are a hedge against a global financial meltdown and widespread civil disorder, I know a guy who'll be happy to sell you a steel shelter to bury in your backyard. (If he knows his clientele, he's probably accepting payment in bitcoins by now.)
Second, the price volatility of bitcoins is what makes them a lousy investment vehicle. Volatility by its nature is unpredictable. Volatility drives smart money out of a marketplace. Though it's true that any investment device can rise or fall, not always rationally, market exchanges spend a lot of money to try to make sure that price changes happen incrementally so that all participants have a fair chance of profiting, or losing, by them.
For everyone who claims to have made gains of thousands of percent on bitcoins, there are people on the other side. Someone may claim to have bought in at $5, ridden the trend to $1,200, and still own $800 in BTC, but that means someone bought at $1,200 and rode the flume ride down. It's during price booms that the average sheep gets taken in to be sheared. Clue: If you can't tell where the baa-ing is coming from, it's coming from you.
Still, bitcoins do have a useful purpose, chiefly as a medium of transfer from one official currency to another, without having to go through the international banking system or pay banking fees. They can circumvent government foreign exchange rules.
But don't expect those conditions to last indefinitely. Government authorities, including the U.S. Treasury, have already taken steps to bring bitcoin trading under their regulatory regimes.
Conventional banks are sure to start offering trading services in bitcoins, just as they now facilitate trades between, say, dollars and euros. They won't do it for free, but they will offer guarantees and safeguards that many of today's bitcoin traders can't. If you're a legitimate business looking to move money via bitcoins, would you prefer to have your transaction handled by some character "in a trench coat lounging in a green armchair" upstairs from a supermarket, as was described recently by my colleagues Chris O'Brien and Andrew Tangel, or by Bank of America?
Nor are bitcoins going to be the only "crypto-currency" in town. There's already competition from alternative services, because moving assets from country to country doesn't require bitcoins. It can be done with quatloos, or any other medium you can devise, as long as the transactions are reliable, accountable and frictionless.
Bitcoins are the best known such medium today, but they won't be the last. The next iteration may solve the many flaws in the original conception. If you're inclined to bet on bitcoins, wager that something better is lurking right around the corner.



http://www.latimes.com/business/hil...ievers-20131209,0,6707791.story#ixzz2n66kyXml

Source:http://www.latimes.com/business/hil...ievers-20131209,0,6707791.story#axzz2n66VACi8

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[TD="colspan: 2"] Bitcoin System: Some Additional Problems Wall Street Pit In my last post, I argued that the fair price of a bitcoin as a monetary instrument is zero BTC; a bitcoin contains no promise in terms of income, in terms of ...
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[TD] Bitcoin Theft Victims Search For $100 Million In Sheep Farce The Escapist When they were robbed of over $100 million in Bitcoin, the victims of one of the largest virtual currency thefts in recent history went looking for the culprit.
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[TD="colspan: 2"] Bitcoin crashing - is it over for the crypto-currency? Resource Investor This article, written by our Co-Founder Will Bancroft for the Huffington Post, asks whether recent drops in the price of bitcoin mean it's all over for this ...
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[TD] Advisers on Bitcoin Buzz: Stay Away Wall Street Journal The story prompted shop owner Samuel Ali to mention another client who had purchased some bitcoin for $50. At the time of Mr. Parker's haircut, the digital ...
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[TD="colspan: 2"] Bitcoin Could Be A 'Liquid Alt,' But Not Yet: Cantor's Browne Barron's (blog) "Bitcoin could be a liquid alt, but not yet," the Cantor Fitzgerald executive said. "Liquid alt" refers to alternative investments packaged as widely available mutual ...
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[TD="colspan: 2"] 3 reasons bitcoins aren't in your wallet yet PCWorld As Bitcoin's popularity grows, so does talk about its standing as legal tender, but there are lingering issues that need to be sorted out before people start using ...
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[TD] Bitcoin is too cheap for its own good The Verge Last week, when Bitcoin's price hit a new high of $1,240, Bloomberg News compared it to a massive bubble. Then over the weekend, on the news that China's ...
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[TD] Ron Paul: Bitcoin can be a participant in bringing down the dollar Fox Business WHAT DO YOU THINK OF BITCOIN? >> WELL I THINK IT'S A MYSTERY TO A LOT OF PEOPLE AND THERE IS A LOT OF MYSTERY ASSOCIATED WITH IT ...
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[TD="colspan: 2"] Few Bitcoin-Related License Requests Reported by State Agencies Businessweek State financial regulators have received few applications for licensing Bitcoin businesses even as they've handled many inquiries about them, according to ...
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[TD="colspan: 2"] The Problem with Bitcoin | Xconomy David Nordfors One purpose of writing this piece is a vague hope of being proven wrong by some economist who knows better than me. That would be nice. Because what I ...
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[TD="colspan: 2"] Apple's Tumultuous Relationship With Bitcoin Apps - Mac Rumors Jordan Golson Over the past several years, Apple has removed, denied, or otherwise prevented a number of Bitcoin-related apps from being available to users on the...
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[TD="colspan: 2"] Tesla not bought with Bitcoin currency after all? - Autoblog Damon Lowney A Lamborghini dealership that claimed to have accepted Bitcoins as payment for a Tesla Model S actually used an application to convert the electronic currency ...
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[TD="colspan: 2"] Bitcoins in Space! - IEEE Spectrum Morgen E. Peck Jeff Garzik wants to make satellites part of the Bitcoin network to help secure the currency against attack.
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[TD="colspan: 2"] Peruvian Brothers Food Truck Now Accepting Bitcoin - Young ... Jessica Sidman It's no longer a question of whether food trucks take cash or credit. Peruvian Brothers is now the first D.C.-area food truck to take the digital currency Bitcoin.
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[TD="colspan: 2"] Snoop Dogg Embraces Bitcoin for His Next Record - CoinDesk Nermin Hajdarbegovic Last week the rapper tweeted that the release will be "available in bitcoin and delivered in a drone".
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[TD="colspan: 2"] Mel B, Snoop Dogg and Childish Gambino Join the Bitcoin Revolution mreal197 Generated (or "mined") through a complex mathematical equation, some people are pointing towards bitcoins being the future of money and financial ...
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[TD="colspan: 2"] Auto dealer accepts Bitcoin payment for purchase of Tesla Model S Brian Dodson The value of a thing is what it will bring, or so says an old financial aphorism. It appears that the value of Bitcoins earlier in the month was such than 9...
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[TD="colspan: 2"] Bitcoin Used to Buy Tesla Car - HispanicBusiness.com In the perfect marriage of two much-hyped technologies, an unidentified man has used Bitcoin digital currency to buy a Tesla Model S electric car, according to ...
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[TD="align: right"] 7 new results for BITCOIN [/TD]
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[TD="colspan: 2"] Bitcoin Comeback - Business Insider Bitcoin crashed on Friday and Saturday, falling from around $1100 to below $600 at one point, in part due to some headlines out of China. But the digital ...
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[TD="colspan: 2"] JPMorgan Chase Building Bitcoin-Killer | Lets Talk Bitcoin Without mentioning Bitcoin or cryptocurrencies at all for that matter, Chase appears to be building a competing centralized network to Bitcoin. The application ...
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[TD="colspan: 2"] The shocking similarities between Tesla and Bitcoin's charts ... From the blog Talking Numbers: Bitcoin fails at doing its job as an alternative currency, says one strategist. However, another says it volatility offers trading ...
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[TD="colspan: 2"] Swiss parliamentary postulate: Bitcoin is a currency - Bitcoin Forum Bitcoin just got a big credibility boost: 45 members of the Swiss parliament signed a ... It also states that Bitcoins raises a number legal questions and that the ...
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[TD] https://bitcointalk.org/index.php?topic=364555.0 [/TD]
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[TD="colspan: 2"] Activist Post: Bitcoin Penetrates Pop Culture: Snoop, Ashton and ... Eric Blair Activist Post Has Bitcoin gone mainstream? How would we know? Being tweeted by Ashton Kutcher or Snoop Dogg (now "Lion") and mentioned on ...
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[TD="colspan: 2"] Bitcoin - The Other Precious Metal - YouTube Watch the full Keiser Report: Tuesday In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the bitcoin price plunge as Baidu ditches th...
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It just seems like you keep post articles that prove that you are going to be right rather then posting all the articles that are talking about how Bitcoin is the next best thing.

Stop being so damn biased. Regardless if you believe it or not, cyptocurrencies are not going anywhere. #Factsonly

kideze said:

It just seems like you keep post articles that prove that you are going to be right rather then posting all the articles that are talking about how Bitcoin is the next best thing.

Stop being so damn biased. Regardless if you believe it or not, cyptocurrencies are not going anywhere. #Factsonly

Click to expand...

If you have a good look then you should be able to identify that I am just copy/pasting results from Google Alerts.

The term used is BitCoin.

I am not weeding out any results.

If this is unsatisfactory to you then you are welcome to post whatever articles YOU want.

May I suggest that you actually read some of the articles?

W130SN said:

If you have a good look then you should be able to identify that I am just copy/pasting results from Google Alerts.

The term used is BitCoin.

I am not weeding out any results.

If this is unsatisfactory to you then you are welcome to post whatever articles YOU want.

May I suggest that you actually read some of the articles?

Click to expand...

I've read a lot of articles in Bitcoin, even some that you have posted but it just seemed when scanning all the titles, they all were putting down Bitcoin but i do now see some of them are neutral.